[media-credit name=”Flickr/K.M. Klemencic” align=”aligncenter” width=”495″][/media-credit] The cost of team sports took some parents by surprise.

This week we’ve been looking at the costs of raising children and saving for college. Coincidentally, LearnVest just posted a great list that I couldn’t resist sharing, at the risk of being too kid-heavy on the blog this week.

(But seriously, stay tuned! Tomorrow’s stat of the week is definitely not about kids! Or parents! It’s about drugs and money.)

First and foremost, learn from these parents’ experiences—and also recognize that everyone’s surprised by different things. So prepare for the unexpected by beefing up your family’s emergency fund. Beyond that, if you’re having trouble covering all the costs you’d like to, do what you can to either earn extra income or reduce your spending.

Do you find yourself glossing over your kids’ perceptive questions about money and finances? That’s a natural reaction, but these can be good learning opportunities, and not just about finances, if you handle them right.

Here’s one of their favorites…Are we rich? Prepare for it because this one will pop up! First, I’m sure it’s occurred to you that this is a great opportunity to talk about values. Take your pick…love, security, health, family, friends, faith, and so on. “Rich” applies to lots of circumstances!

The rest of the answer depends on the age and maturity of the child. It can range from the “We have everything we need to be happy and healthy” answer to a more in-depth discussion about budgeting. After all, teens should gradually be exposed to real world household budgeting situations.

Runner-up question…Why can’t we have a (fill in the blank!)? This teachable moment nicely tees up a discussion about priorities and saving for future needs.

If the family loses a source of income, the inevitable questions may be along the lines of…What will we have to give up? Acknowledge the change in circumstances, explaining that yes, our lifestyle may change since there is less money to pay for things. Then add the all-important “but…” and refer back to the two questions above. Priorities…needs vs. wants…values…budgeting.

In tough times, depending on the child, you might consider letting him or her feel empowered to be part of the solution, doing without certain minor non-essentials or swapping expensive activities for fun but free entertainment.

Bottom line, be honest in answering all financial questions, but provide age-appropriate levels of detail and be sure to emphasize that “money isn’t everything!” Remind yourself of that too!

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